{"id":12229,"date":"2026-04-13T21:16:46","date_gmt":"2026-04-14T00:16:46","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=12229"},"modified":"2026-04-13T21:16:48","modified_gmt":"2026-04-14T00:16:48","slug":"%ea%b2%bd%ec%a0%9c-%ec%86%8c%ec%8b%9d-1-%ec%9b%94%ea%b0%84-%ec%9a%94%ec%95%bd-2026%eb%85%84-3%ec%9b%94","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=12229","title":{"rendered":"[\uacbd\uc81c \uc18c\uc2dd 1] \uc6d4\uac04 \uc694\uc57d &#8211; 2026\ub144 3\uc6d4"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"852\" src=\"https:\/\/hanin.org.ar\/wp-content\/uploads\/2026\/04\/KakaoTalk_20260413_211541687-1024x852.jpg\" alt=\"\" class=\"wp-image-12230\" style=\"aspect-ratio:1.2019138007457044;width:609px;height:auto\" srcset=\"https:\/\/hanin.org.ar\/wp-content\/uploads\/2026\/04\/KakaoTalk_20260413_211541687-1024x852.jpg 1024w, https:\/\/hanin.org.ar\/wp-content\/uploads\/2026\/04\/KakaoTalk_20260413_211541687-300x250.jpg 300w, https:\/\/hanin.org.ar\/wp-content\/uploads\/2026\/04\/KakaoTalk_20260413_211541687-768x639.jpg 768w, https:\/\/hanin.org.ar\/wp-content\/uploads\/2026\/04\/KakaoTalk_20260413_211541687.jpg 1080w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\uc6d4\uac04 \uc694\uc57d \u2013 2026\ub144 3\uc6d4<br>\uad6d\uc81c \uc2dc\uc7a5<\/p>\n\n\n\n<p>3\uc6d4\uc740 \ubbf8\uad6d\uacfc \uc774\ub780 \uac04\uc758 \uc804\uc7c1\uc73c\ub85c \ucd09\ubc1c\ub41c \uc9c0\uc815\ud559\uc801 \ucda9\uaca9\uc73c\ub85c \ud2b9\uc9d5\uc9c0\uc5b4\uc84c\ub2e4. \uc774\uc2ac\ub78c \uc815\uad8c\uc774 \ud638\ub974\ubb34\uc988 \ud574\ud611\uc744 \ubd09\uc1c4\ud558\uba74\uc11c \uc11d\uc720 \uacf5\uae09\uc5d0 \uc5ed\uc0ac\uc801\uc778 \uc218\uc900\uc758 \uad50\ub780\uc774 \ubc1c\uc0dd\ud588\ub2e4. \ud574\ub2f9 \ud574\ud611\uc740 \uc804 \uc138\uacc4 \uc11d\uc720 \uacf5\uae09\uc758 \uc57d 20%~30%\uac00 \ud1b5\uacfc\ud558\ub294 \ud575\uc2ec \uc6b4\uc1a1 \uacbd\ub85c\ub85c, \ud2b9\ud788 \uc544\uc2dc\uc544 \uad6d\uac00\ub4e4\uc5d0\uac8c \ub9e4\uc6b0 \uc911\uc694\ud55c \ud1b5\ub85c\uc774\ub2e4. \uc774 \ubd09\uc1c4\ub294 \uc11d\uc720 \uac00\uaca9\uc744 \ucd5c\uc18c 55% \uc774\uc0c1 \uae09\ub4f1\uc2dc\ud0a4\uba70, \uc804 \uc138\uacc4 \uc5f0\ub8cc \uac00\uaca9\uc5d0 \uc601\ud5a5\uc744 \ubbf8\ucce4\uace0 \ud5a5\ud6c4 \uba87 \uac1c\uc6d4 \ub3d9\uc548 \uc778\ud50c\ub808\uc774\uc158 \uc7ac\uc0c1\uc2b9\uc5d0 \ub300\ud55c \uc6b0\ub824\ub97c \ud0a4\uc6e0\ub2e4.<br>\uc774\uc640 \uac19\uc740 \uc0c1\ud669\uc5d0\uc11c, \uc5f0\uc900\uc740 \uae30\uc900\uae08\ub9ac \ubc94\uc704\ub97c 3.50%~3.75%\ub85c \uc720\uc9c0\ud558\uae30\ub85c \uacb0\uc815\ud588\ub2e4. \ud30c\uc6d4\uc740 \uc774\ud6c4 \uc5f0\uc124\uc5d0\uc11c \ubbf8\uad6d \uacbd\uc81c\uc758 \uacac\uace0\ud568\uc744 \uc5b8\uae09\ud558\ub294 \ud55c\ud3b8, \uc774\ub780\uacfc\uc758 \uac08\ub4f1\uc774 \uc57c\uae30\ud558\ub294 \ubd88\ud655\uc2e4\uc131\uacfc \uc778\ud50c\ub808\uc774\uc158 \uc0c1\uc2b9 \uac00\ub2a5\uc131\uc5d0 \ub300\ud574\uc11c\ub3c4 \uc5b8\uae09\ud588\ub2e4. \ub2e4\ub9cc \uadf8\ub294 \uc774\ub7ec\ud55c \uc601\ud5a5\uc774 \uc77c\uc2dc\uc801\uc77c \uac83\uc774\uba70, \uae30\ub300 \uc778\ud50c\ub808\uc774\uc158\uc774 \uc548\uc815\uc801\uc73c\ub85c \uc720\uc9c0\ub418\ub294 \ud55c \ub2f9\uc7a5\uc740 \uc815\ucc45 \ub300\uc751\uc774 \ud544\uc694\ud558\uc9c0 \uc54a\uc744 \uac83\uc774\ub77c\uace0 \ubc1d\ud614\ub2e4. \uc2dc\uc7a5\uc740 \uc989\uac01\uc801\uc73c\ub85c \uc62c\ud574 \uae08\ub9ac \uc778\ud558 \uae30\ub300\ub97c 0\uc73c\ub85c \ub0ae\ucdc4\uace0, \ub2e8\uae30 \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300\ub294 \ud06c\uac8c \uc0c1\uc2b9\ud588\ub2e4. \uadf8\ub7ec\ub098 \uc911\uc7a5\uae30 \uae30\ub300\ub294 \uadf8\ub807\uc9c0 \uc54a\uc558\uc73c\uba70, TIPS (\ubbf8\uad6d \uc815\ubd80 \ubc1c\ud589 \ubb3c\uac00\uc5f0\ub3d9 \uad6d\ucc44) \uae30\uc900 1\ub144 \uae30\ub300 \uc778\ud50c\ub808\uc774\uc158\uc740 5.3%, 5\ub144\uc740 2.6%, 10\ub144\uc740 2.3%\ub97c \uae30\ub85d\ud588\ub2e4.<br>\ub610\ud55c \uc5f0\uc900\uc740 \ubd84\uae30 \uacbd\uc81c \uc804\ub9dd\uc744 \ubc1c\ud45c\ud588\ub2e4. 2026\ub144 GDP \uc131\uc7a5\ub960 \uc804\ub9dd\uc744 2.4%\ub85c \uc0c1\ud5a5 \uc870\uc815\ud558\uace0, \uc778\ud50c\ub808\uc774\uc158 \uc804\ub9dd\ub3c4 2.7%\ub85c \uc0c1\ud5a5\ud588\ub2e4. \uc2e4\uc5c5\ub960\uc740 4.4%\ub85c \uc548\uc815\uc801\uc73c\ub85c \uc720\uc9c0\ub420 \uac83\uc73c\ub85c \ubcf4\uc558\ub2e4. \uae08\ub9ac \uc804\ub9dd\uc5d0\uc11c\ub294 \uc2dc\uc7a5\ubcf4\ub2e4 \ub354 \ub9e4\ud30c\uc801\uc73c\ub85c \ub098\ud0c0\ub0ac\uc73c\uba70, 2026\ub144\uc5d0\ub294 \ub2e8 \ud55c \ucc28\ub840 \uae08\ub9ac \uc778\ud558, 2027\ub144\uc5d0 \ucd94\uac00 \uc778\ud558\ub97c \uc608\uc0c1\ud588\ub2e4. \uc774\ub294 \uae08\ub9ac\uac00 \uc774\uc804 \uc608\uc0c1\ubcf4\ub2e4 \ub354 \ub192\uc740 \uc218\uc900\uc5d0\uc11c \ub354 \uc624\ub798 \uc720\uc9c0\ub420 \uac83\uc774\ub77c\ub294 \uae30\ub300\ub97c \ubc18\uc601\ud55c\ub2e4.<\/p>\n\n\n\n<p>\uacbd\uc81c \uc9c0\ud45c \uce21\uba74\uc5d0\uc11c \ub178\ub3d9\uc2dc\uc7a5\uc740 \uc5ec\uc804\ud788 \ud63c\uc870 \uc2e0\ud638\ub97c \ubcf4\uc774\uba70, \ub9e4\uc6d4 \uae0d\uc815\uacfc \ubd80\uc815\uc774 \ubc88\uac08\uc544 \ub098\ud0c0\ub098\uace0 \uc788\ub2e4. 2\uc6d4\uc5d0\ub294 \ube44\ub18d\uc5c5 \uc77c\uc790\ub9ac 9\ub9cc2\ucc9c \uac1c\uac00 \uac10\uc18c\ud574 +5\ub9cc9\ucc9c \uac1c \uc608\uc0c1\uacfc \ud06c\uac8c \uc5b4\uae0b\ub0ac\uace0, 3\uc6d4\uc5d0\ub294 17\ub9cc8\ucc9c \uac1c \uc99d\uac00\ud574 6\ub9cc \uac1c \uc608\uc0c1\uce58\ub97c \uc0c1\ud68c\ud588\ub2e4. \uc774\ub7ec\ud55c \uacb0\uacfc\ub294 \ub178\ub3d9\uc2dc\uc7a5 \ub454\ud654\ub97c \uc758\ubbf8\ud558\uc9c0\ub294 \uc54a\uc9c0\ub9cc, \uae08\ub9ac\uac00 \ub354 \uc624\ub79c \uae30\uac04 \ub192\uc740 \uc218\uc900\uc744 \uc720\uc9c0\ud560 \ud658\uacbd\uc5d0\uc11c \uace0\uc6a9\uc5d0 \ub300\ud55c \ucd94\uac00 \uc555\ub825\uc744 \ub9c9\uae30 \uc704\ud574 \uc5f0\uc900\uc774 \uacbd\uacc4\ub97c \uc720\uc9c0\ud558\ub3c4\ub85d \ub9cc\ub4e0\ub2e4.<br>\uc778\ud50c\ub808\uc774\uc158 \uce21\uba74\uc5d0\uc11c\ub294 2\uc6d4 \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218\uac00 2.4%\ub85c \uc608\uc0c1\uce58\uc640 \uc77c\uce58\ud558\uba70 \uc548\uc815\uc801\uc73c\ub85c \uc720\uc9c0\ub410\uc73c\ub098, GDP\uac00 2.9%\uc5d0\uc11c 3.4%\ub85c \ubc18\ub4f1\ud558\uba74\uc11c \ud5a5\ud6c4 \ubb3c\uac00\uc5d0 \ub300\ud55c \ubd88\ud655\uc2e4\uc131\uc774 \ucee4\uc84c\ub2e4.<br>\uc774\ub7ec\ud55c \ucda9\uaca9\uacfc \uacbd\uc81c \uc9c0\ud45c\uc5d0 \ub300\ud55c \ubc18\uc751\uc73c\ub85c, \uc218\uc775\ub960 \uace1\uc120\uc740 \ud06c\uac8c \ud3c9\ud0c4\ud654\ub418\uc5c8\ub2e4. \uc804\uccb4 \uad6c\uac04\uc5d0\uc11c \uae08\ub9ac\uac00 \uc0c1\uc2b9\ud588\uc9c0\ub9cc \ud2b9\ud788 \ub2e8\uae30 \ubc0f \uc911\uae30 \uad6c\uac04\uc5d0\uc11c \ub354 \ud06c\uac8c \uc0c1\uc2b9\ud588\ub2e4. \uadf8 \uacb0\uacfc 10\ub144\ubb3c \uae08\ub9ac\ub294 4.32%\ub85c 2\uc6d4 \ub9d0 \uc804\uc7c1 \uc9c1\uc804\uc758 3.94%\ub97c \ud06c\uac8c \uc0c1\ud68c\ud588\ub2e4. \uace1\uc120 \uc6c0\uc9c1\uc784\uacfc \ud568\uaed8 \uae30\uac04 \ud504\ub9ac\ubbf8\uc5c4\uc740 \ucd95\uc18c\ub418\uc5c8\uc9c0\ub9cc \uc5ec\uc804\ud788 2022\ub144 \uc774\ud6c4 \ucd5c\uace0 \uc218\uc900 \uadfc\ucc98\uc5d0 \uba38\ubb3c\uace0 \uc788\uc73c\uba70, \uc774\ub294 \ubaa9\ud45c\uce58\ub97c \uc0c1\ud68c\ud558\ub294 \uc778\ud50c\ub808\uc774\uc158 \uc9c0\uc18d \uac00\ub2a5\uc131\uacfc \ubbf8\uad6d \uc7ac\uc815\uc801\uc790 \ubc0f \uad6d\ucc44 \uc218\uc900\uc5d0 \ub300\ud55c \uc555\ub825\uc744 \ubc18\uc601\ud55c\ub2e4.<br>\uc774\ub7ec\ud55c \ud658\uacbd \uc18d\uc5d0\uc11c \uc8fc\uc2dd \uc2dc\uc7a5\uc740 3\uc6d4\uc5d0 \uc804\uc7c1 \uc0c1\ud669 \uc6c0\uc9c1\uc784 \uc18d\uc5d0\uc11c \ud070 \uc870\uc815\uc744 \ubc1b\uc558\ub2e4. \ud2b9\ud788 \uc2e0\ud765\uad6d\uacfc \ubbf8\uad6d \uc678 \uc2dc\uc7a5\uc774 \ub354 \ud070 \ud0c0\uaca9\uc744 \ubc1b\uc558\ub2e4. 3\uc6d4 S&amp;P500\uc740 5.1% \ud558\ub77d\ud588\uace0, \uc120\uc9c4\uad6d(\ubbf8\uad6d \uc81c\uc678)\uc740 10.7%, \uc2e0\ud765\uad6d\uc740 13.3% \ud558\ub77d\ud588\ub2e4. \ub2e4\ub9cc \uc5f0\ucd08 \ub300\ube44\ub85c\ub294 \uc5ec\uc804\ud788 \uc2e0\ud765\uad6d\uacfc \uc120\uc9c4\uad6d(\ubbf8\uad6d \uc81c\uc678)\uc774 \uac01\uac01 -0.5%, -1.9%\ub85c S&amp;P500(-4.6%)\ubcf4\ub2e4 \uc591\ud638\ud55c \ud750\ub984\uc744 \uc720\uc9c0\ud558\uace0 \uc788\ub2e4.<\/p>\n\n\n\n<p>\uad6d\ub0b4 \uc2dc\uc7a5<br>3\uc6d4 \uc911\uc21c INDEC (\uad6d\uac00\ud1b5\uacc4\uccad)\uc740 \uad6d\ubbfc\uacc4\uc815 \ubcf4\uace0\uc11c\ub97c \ubc1c\ud45c\ud588\uc73c\uba70, 2025\ub144 \uc2e4\uc9c8 GDP\uac00 4.4% \uc131\uc7a5\ud55c \uac83\uc73c\ub85c \ub098\ud0c0\ub0ac\ub2e4. \uc774\ub294 2024\ub144\uc758 3.6% \ud1b5\uacc4\uc801 \uc774\uc6d4 \ud6a8\uacfc\uc5d0 \ud06c\uac8c \uc601\ud5a5\uc744 \ubc1b\uc558\ub2e4. \uad6c\uc131 \uc694\uc18c\ubcc4\ub85c\ub294 \ud22c\uc790(+16.4%), \ubbfc\uac04\uc18c\ube44(+7.9%), \uc218\ucd9c(+7.6%)\uc774 \ub450\ub4dc\ub7ec\uc84c\ub2e4. \ubc18\uba74 \uc218\uc785(+27.0%)\uc758 \uae09\uc99d\uc740 GDP\uc5d0 \ubd80\uc815\uc801 \uc601\ud5a5\uc744 \ubbf8\ucce4\ub2e4.<br>\ud65c\ub3d9 \uce21\uba74\uc5d0\uc11c\ub294 1\uc6d4 EMAE (\uc2dc\uc7a5\uae30\ub300\uc9c0\uc218)\uac00 \uc804\uc6d4 \ub300\ube44 0.4% \uc99d\uac00\ud588\ub2e4. \uacc4\uc808\uc870\uc815 \uae30\uc900\uc73c\ub85c 2004\ub144 \uc774\ud6c4 \ucd5c\uace0 \uc218\uc900\uc5d0 \ub3c4\ub2ec\ud588\ub2e4. \ub2e4\ub9cc \uc131\uc7a5\uc138\ub294 \ub18d\uc5c5, \uad11\uc5c5, \uae08\uc735 \uc911\uac1c \ub4f1 \ud2b9\uc815 \ubd80\ubb38\uc5d0 \uc9d1\uc911\ub418\uc5b4 \uc788\uc73c\uba70, \ub178\ub3d9\uc9d1\uc57d \uc0b0\uc5c5\uc5d0\uc11c\ub294 \uc5f0\uac04 \uae30\uc900 \uac10\uc18c\uac00 \ub098\ud0c0\ub098\uace0 \uc788\ub2e4. \uc81c\uc870\uc5c5(-2.6%), \uac74\uc124\uc5c5(-3.2%) \ub4f1\uc774 \ud574\ub2f9\ub41c\ub2e4. \uc774\uc5d0 \ub530\ub77c 2025\ub144 4\ubd84\uae30 \uc2e4\uc5c5\ub960\uc740 7.5%\ub85c \uc804\ub144 \ub300\ube44 1.1%p \uc0c1\uc2b9\ud588\ub2e4.<br>\ud55c\ud3b8, \ub300\ucd9c\uc740 \uc804 \ubd80\ubb38\uc5d0\uc11c \uc218\uac1c\uc6d4\uc9f8 \ub454\ud654\ub418\uace0 \uc788\ub2e4. \ubbfc\uac04 \uae08\uc735\uae30\uad00\uc758 \uc5f0\uccb4\uc728\uc740 1\uc6d4 \uae30\uc900 6.4%\ub85c \uc0c1\uc2b9\ud588\ub2e4. \ud2b9\ud788 \uac1c\uc778 \ub300\ucd9c(13.2%)\uacfc \uc2e0\uc6a9\uce74\ub4dc(10.1%)\uc5d0\uc11c \ub192\uc740 \ubd80\uc2e4\ub960\uc774 \ub098\ud0c0\ub0ac\ub2e4.<br>\uc774\ub7ec\ud55c \uc2e0\uc6a9 \ub454\ud654\ub97c \uc644\ud654\ud558\uae30 \uc704\ud574 \uc911\uc559\uc740\ud589(BCRA)\uc740 \uc9c0\uae09\uc900\ube44\uc728 \uaddc\uc81c\ub97c \uc644\ud654\ud588\ub2e4. \uc694\uad6c\ubd88 \uc608\uae08\uc5d0 \ub300\ud55c \uc694\uad6c \ube44\uc728\uc740 50%\uc5d0\uc11c 45%\ub85c \ub0ae\uc544\uc84c\uc73c\uba70, \uc774 \uc911 13.5%p\ub294 \uad6d\ucc44\ub85c \ucda9\ub2f9 \uac00\ub2a5\ud558\ub2e4. \uc774 \uc870\uce58\ub294 \uae08\uc735 \uc2dc\uc2a4\ud15c \uc720\ub3d9\uc131\uc744 \uc99d\uac00\uc2dc\ud0a4\uace0 \uc790\uae08 \uc870\ub2ec \ube44\uc6a9\uc744 \ub0ae\ucd94\ub294 \ud6a8\uacfc\uac00 \uae30\ub300\ub41c\ub2e4.<\/p>\n\n\n\n<p>3\uc6d4\uc5d0\ub294 \ub2ec\ub7ec \uad6d\ucc44 \uc218\uc775\ub960\uc774 A028 \ubc1c\ud589\uacfc \ud568\uaed8 \uc911\uc694\ud55c \uc2dc\uc7a5 \ud14c\uc2a4\ud2b8\ub97c \uacaa\uc5c8\ub2e4. \uc774 \ucc44\uad8c\uc740 8.8%\uc758 \uc218\uc775\ub960\ub85c \ubc1c\ud589\ub418\uc5c8\uc73c\uba70 A027 \ub300\ube44 \uc0c1\ub2f9\ud55c \uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ubc18\uc601\ud588\ub2e4. \uad6c\uc870\ub294 \uc720\uc0ac\ud558\uc9c0\ub9cc \ud604 \uc815\ubd80 \uc784\uae30 \ub0b4 \ub9c8\uc9c0\ub9c9 \ucc44\uad8c\uc774\uba70 \uc57d 5.0% \uc218\uc775\uc744 \uc81c\uacf5\ud55c\ub2e4. \ud22c\uc790 \uc218\uc694\ub294 \ube44\uad50\uc801 \uc81c\ud55c\uc801\uc774\uc5c8\uc73c\uba70, \ucd1d \ubc1c\ud589 \ud55c\ub3c4 2\uc5b55\ucc9c\ub9cc \ub2ec\ub7ec \uc911 1\uc5b58,600\ub9cc \ub2ec\ub7ec\ub9cc \ubc30\uc815\ub418\uc5c8\ub2e4. \uc774\ub294 \uc2dc\uc7a5\uc774 2027\ub144 \uc774\ud6c4 \uc815\uce58\u00b7\uacbd\uc81c\uc801 \ubd88\ud655\uc2e4\uc131\uc744 \ubc18\uc601\ud558\uace0 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud55c\ub2e4.<br>\ub610\ud55c \ub2ec\ub7ec \uc790\uae08 \uc870\ub2ec \ud655\ubcf4\uc758 \uc5b4\ub824\uc6c0\uacfc \ud568\uaed8 \uc815\ubd80\ub294 \uc778\ud50c\ub808\uc774\uc158 \ud558\ub77d \uacfc\uc815\uc5d0\uc11c\ub3c4 \uc5b4\ub824\uc6c0\uc744 \uacaa\uace0 \uc788\ub2e4. \uc778\ud50c\ub808\uc774\uc158\uc740 9\uac1c\uc6d4 \uc5f0\uc18d \ub454\ud654\ub418\uc9c0 \uc54a\uace0 \uc788\uc73c\uba70, 3\uc6d4 \uc218\uce58\ub294 2\uc6d4\uc744 \uc0c1\ud68c\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4. \uc911\ub3d9 \uac08\ub4f1\uc774 \uc5f0\ub8cc \uac00\uaca9\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5\uacfc \ud559\uae30 \uc2dc\uc791\uc5d0 \ub530\ub978 \uacc4\uc808\uc801 \uc694\uc778\uc73c\ub85c \uc778\ud574 3\uc6d4 \uc778\ud50c\ub808\uc774\uc158\uc740 3%\ub97c \ucd08\uacfc\ud560 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4. \ud56d\ubaa9\ubcc4\ub85c\ub294 \uc8fc\uac70, \uc804\uae30, \uac00\uc2a4, \uc218\ub3c4 \ubd80\ubb38\uc774 \uac00\uc7a5 \ud070 \uc0c1\uc2b9\uc744 \ubcf4\uc600\uc73c\uba70 \uc5f0\uac04 44.1% \uc99d\uac00\ud588\ub2e4.<br>\uc8fc\uc2dd \uc2dc\uc7a5 \uce21\uba74\uc5d0\uc11c\ub294 \uae00\ub85c\ubc8c \uc2dc\uc7a5\uacfc \ub2ec\ub9ac \uba54\ub974\ubc1c \uc9c0\uc218\uac00 3\uc6d4\uc5d0 12.3% \uc0c1\uc2b9\ud588\ub2e4. \uc774\ub294 2\uc6d4 -15.5% \ud558\ub77d \uc774\ud6c4\uc758 \ubc18\ub4f1\uc774\ub2e4. \ucd5c\uadfc \uc8fc\uc2dd \uc0c1\uc2b9\uc740 \uc5d0\ub108\uc9c0 \uc139\ud130\uac00 \uc8fc\ub3c4\ud588\uc73c\uba70, \ub192\uc740 \uc720\uac00\uc758 \uc218\ud61c\ub97c \ubc1b\uc558\ub2e4. Vista\uc640 YPF\ub294 \uac01\uac01 26.5%, 29.1% \uc0c1\uc2b9\ud588\ub2e4. \ub610\ud55c YPF \uad00\ub828\ud574\uc11c\ub294 \ub274\uc695 \ubc95\uc6d0\uc774 2012\ub144 \uad6d\uc720\ud654 \uad00\ub828 \ud310\uacb0\uc744 \ubb34\ud6a8\ud654\ud588\uc73c\uba70, \uae30\uc874 \ubc8c\uae08 \uaddc\ubaa8\ub294 161\uc5b5 \ub2ec\ub7ec\uc600\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\uc6d4\uac04 \uc694\uc57d \u2013 2026\ub144 3\uc6d4\uad6d\uc81c \uc2dc\uc7a5 3\uc6d4\uc740 \ubbf8\uad6d\uacfc \uc774\ub780 \uac04\uc758 \uc804\uc7c1\uc73c\ub85c \ucd09\ubc1c\ub41c \uc9c0\uc815\ud559\uc801 \ucda9\uaca9\uc73c\ub85c \ud2b9\uc9d5\uc9c0\uc5b4\uc84c\ub2e4. \uc774\uc2ac\ub78c \uc815\uad8c\uc774 \ud638\ub974\ubb34\uc988 \ud574\ud611\uc744 \ubd09\uc1c4\ud558\uba74\uc11c \uc11d\uc720 \uacf5\uae09\uc5d0 \uc5ed\uc0ac\uc801\uc778 \uc218\uc900\uc758 \uad50\ub780\uc774 \ubc1c\uc0dd\ud588\ub2e4. \ud574\ub2f9 \ud574\ud611\uc740 \uc804 \uc138\uacc4 \uc11d\uc720 \uacf5\uae09\uc758 \uc57d 20%~30%\uac00 \ud1b5\uacfc\ud558\ub294 \ud575\uc2ec \uc6b4\uc1a1 \uacbd\ub85c\ub85c, \ud2b9\ud788 \uc544\uc2dc\uc544 \uad6d\uac00\ub4e4\uc5d0\uac8c \ub9e4\uc6b0 \uc911\uc694\ud55c \ud1b5\ub85c\uc774\ub2e4. \uc774 \ubd09\uc1c4\ub294 \uc11d\uc720 \uac00\uaca9\uc744 \ucd5c\uc18c 55% \uc774\uc0c1 \uae09\ub4f1\uc2dc\ud0a4\uba70, \uc804 \uc138\uacc4 \uc5f0\ub8cc \uac00\uaca9\uc5d0 \uc601\ud5a5\uc744 \ubbf8\ucce4\uace0 \ud5a5\ud6c4 \uba87 \uac1c\uc6d4 \ub3d9\uc548 \uc778\ud50c\ub808\uc774\uc158 \uc7ac\uc0c1\uc2b9\uc5d0 \ub300\ud55c \uc6b0\ub824\ub97c \ud0a4\uc6e0\ub2e4.\uc774\uc640 \uac19\uc740 \uc0c1\ud669\uc5d0\uc11c, \uc5f0\uc900\uc740 \uae30\uc900\uae08\ub9ac \ubc94\uc704\ub97c 3.50%~3.75%\ub85c \uc720\uc9c0\ud558\uae30\ub85c \uacb0\uc815\ud588\ub2e4. \ud30c\uc6d4\uc740 \uc774\ud6c4 \uc5f0\uc124\uc5d0\uc11c \ubbf8\uad6d \uacbd\uc81c\uc758 \uacac\uace0\ud568\uc744 \uc5b8\uae09\ud558\ub294 \ud55c\ud3b8, \uc774\ub780\uacfc\uc758 \uac08\ub4f1\uc774 \uc57c\uae30\ud558\ub294 \ubd88\ud655\uc2e4\uc131\uacfc \uc778\ud50c\ub808\uc774\uc158 \uc0c1\uc2b9 \uac00\ub2a5\uc131\uc5d0 \ub300\ud574\uc11c\ub3c4 \uc5b8\uae09\ud588\ub2e4. \ub2e4\ub9cc \uadf8\ub294 \uc774\ub7ec\ud55c \uc601\ud5a5\uc774 \uc77c\uc2dc\uc801\uc77c \uac83\uc774\uba70, \uae30\ub300 \uc778\ud50c\ub808\uc774\uc158\uc774 \uc548\uc815\uc801\uc73c\ub85c \uc720\uc9c0\ub418\ub294 \ud55c \ub2f9\uc7a5\uc740 \uc815\ucc45 \ub300\uc751\uc774 \ud544\uc694\ud558\uc9c0 \uc54a\uc744 \uac83\uc774\ub77c\uace0 \ubc1d\ud614\ub2e4. \uc2dc\uc7a5\uc740 \uc989\uac01\uc801\uc73c\ub85c \uc62c\ud574 \uae08\ub9ac \uc778\ud558 \uae30\ub300\ub97c 0\uc73c\ub85c \ub0ae\ucdc4\uace0, \ub2e8\uae30 \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300\ub294 \ud06c\uac8c \uc0c1\uc2b9\ud588\ub2e4. \uadf8\ub7ec\ub098 \uc911\uc7a5\uae30 \uae30\ub300\ub294 \uadf8\ub807\uc9c0 \uc54a\uc558\uc73c\uba70, TIPS (\ubbf8\uad6d \uc815\ubd80 \ubc1c\ud589 \ubb3c\uac00\uc5f0\ub3d9 \uad6d\ucc44) \uae30\uc900 1\ub144 \uae30\ub300 \uc778\ud50c\ub808\uc774\uc158\uc740 5.3%, 5\ub144\uc740 2.6%, 10\ub144\uc740 2.3%\ub97c \uae30\ub85d\ud588\ub2e4.\ub610\ud55c \uc5f0\uc900\uc740 \ubd84\uae30 \uacbd\uc81c \uc804\ub9dd\uc744 \ubc1c\ud45c\ud588\ub2e4. 2026\ub144 GDP \uc131\uc7a5\ub960 \uc804\ub9dd\uc744 2.4%\ub85c \uc0c1\ud5a5 \uc870\uc815\ud558\uace0, \uc778\ud50c\ub808\uc774\uc158 \uc804\ub9dd\ub3c4 2.7%\ub85c \uc0c1\ud5a5\ud588\ub2e4. \uc2e4\uc5c5\ub960\uc740 4.4%\ub85c \uc548\uc815\uc801\uc73c\ub85c \uc720\uc9c0\ub420 \uac83\uc73c\ub85c \ubcf4\uc558\ub2e4. \uae08\ub9ac \uc804\ub9dd\uc5d0\uc11c\ub294 \uc2dc\uc7a5\ubcf4\ub2e4 \ub354 \ub9e4\ud30c\uc801\uc73c\ub85c \ub098\ud0c0\ub0ac\uc73c\uba70, 2026\ub144\uc5d0\ub294 \ub2e8 \ud55c \ucc28\ub840 \uae08\ub9ac \uc778\ud558, 2027\ub144\uc5d0 \ucd94\uac00 \uc778\ud558\ub97c \uc608\uc0c1\ud588\ub2e4. \uc774\ub294 \uae08\ub9ac\uac00 \uc774\uc804 \uc608\uc0c1\ubcf4\ub2e4 \ub354 \ub192\uc740 \uc218\uc900\uc5d0\uc11c \ub354 \uc624\ub798 \uc720\uc9c0\ub420 \uac83\uc774\ub77c\ub294 \uae30\ub300\ub97c \ubc18\uc601\ud55c\ub2e4. \uacbd\uc81c \uc9c0\ud45c \uce21\uba74\uc5d0\uc11c \ub178\ub3d9\uc2dc\uc7a5\uc740 \uc5ec\uc804\ud788 \ud63c\uc870 \uc2e0\ud638\ub97c \ubcf4\uc774\uba70, \ub9e4\uc6d4 \uae0d\uc815\uacfc \ubd80\uc815\uc774 \ubc88\uac08\uc544 \ub098\ud0c0\ub098\uace0 \uc788\ub2e4. 2\uc6d4\uc5d0\ub294 \ube44\ub18d\uc5c5 \uc77c\uc790\ub9ac 9\ub9cc2\ucc9c \uac1c\uac00 \uac10\uc18c\ud574 +5\ub9cc9\ucc9c \uac1c \uc608\uc0c1\uacfc \ud06c\uac8c \uc5b4\uae0b\ub0ac\uace0, 3\uc6d4\uc5d0\ub294 17\ub9cc8\ucc9c \uac1c \uc99d\uac00\ud574 6\ub9cc \uac1c \uc608\uc0c1\uce58\ub97c \uc0c1\ud68c\ud588\ub2e4. \uc774\ub7ec\ud55c \uacb0\uacfc\ub294 \ub178\ub3d9\uc2dc\uc7a5 \ub454\ud654\ub97c \uc758\ubbf8\ud558\uc9c0\ub294 \uc54a\uc9c0\ub9cc, \uae08\ub9ac\uac00 \ub354 \uc624\ub79c \uae30\uac04 \ub192\uc740 \uc218\uc900\uc744 \uc720\uc9c0\ud560 \ud658\uacbd\uc5d0\uc11c \uace0\uc6a9\uc5d0 \ub300\ud55c \ucd94\uac00 \uc555\ub825\uc744 \ub9c9\uae30 \uc704\ud574 \uc5f0\uc900\uc774 \uacbd\uacc4\ub97c \uc720\uc9c0\ud558\ub3c4\ub85d \ub9cc\ub4e0\ub2e4.\uc778\ud50c\ub808\uc774\uc158 \uce21\uba74\uc5d0\uc11c\ub294 2\uc6d4 \uc18c\ube44\uc790\ubb3c\uac00\uc9c0\uc218\uac00 2.4%\ub85c \uc608\uc0c1\uce58\uc640 \uc77c\uce58\ud558\uba70 \uc548\uc815\uc801\uc73c\ub85c \uc720\uc9c0\ub410\uc73c\ub098, GDP\uac00 2.9%\uc5d0\uc11c 3.4%\ub85c \ubc18\ub4f1\ud558\uba74\uc11c \ud5a5\ud6c4 \ubb3c\uac00\uc5d0 \ub300\ud55c \ubd88\ud655\uc2e4\uc131\uc774 \ucee4\uc84c\ub2e4.\uc774\ub7ec\ud55c \ucda9\uaca9\uacfc \uacbd\uc81c \uc9c0\ud45c\uc5d0 \ub300\ud55c \ubc18\uc751\uc73c\ub85c, \uc218\uc775\ub960 \uace1\uc120\uc740 \ud06c\uac8c \ud3c9\ud0c4\ud654\ub418\uc5c8\ub2e4. \uc804\uccb4 \uad6c\uac04\uc5d0\uc11c \uae08\ub9ac\uac00 \uc0c1\uc2b9\ud588\uc9c0\ub9cc \ud2b9\ud788 \ub2e8\uae30 \ubc0f \uc911\uae30 \uad6c\uac04\uc5d0\uc11c \ub354 \ud06c\uac8c \uc0c1\uc2b9\ud588\ub2e4. \uadf8 \uacb0\uacfc 10\ub144\ubb3c \uae08\ub9ac\ub294 4.32%\ub85c 2\uc6d4 \ub9d0 \uc804\uc7c1 \uc9c1\uc804\uc758 3.94%\ub97c \ud06c\uac8c \uc0c1\ud68c\ud588\ub2e4. \uace1\uc120 \uc6c0\uc9c1\uc784\uacfc \ud568\uaed8 \uae30\uac04 \ud504\ub9ac\ubbf8\uc5c4\uc740 \ucd95\uc18c\ub418\uc5c8\uc9c0\ub9cc \uc5ec\uc804\ud788 2022\ub144 \uc774\ud6c4 \ucd5c\uace0 \uc218\uc900 \uadfc\ucc98\uc5d0 \uba38\ubb3c\uace0 \uc788\uc73c\uba70, \uc774\ub294 \ubaa9\ud45c\uce58\ub97c \uc0c1\ud68c\ud558\ub294 \uc778\ud50c\ub808\uc774\uc158 \uc9c0\uc18d \uac00\ub2a5\uc131\uacfc \ubbf8\uad6d \uc7ac\uc815\uc801\uc790 \ubc0f \uad6d\ucc44 \uc218\uc900\uc5d0 \ub300\ud55c \uc555\ub825\uc744 \ubc18\uc601\ud55c\ub2e4.\uc774\ub7ec\ud55c \ud658\uacbd \uc18d\uc5d0\uc11c \uc8fc\uc2dd \uc2dc\uc7a5\uc740 3\uc6d4\uc5d0 \uc804\uc7c1 \uc0c1\ud669 \uc6c0\uc9c1\uc784 \uc18d\uc5d0\uc11c \ud070 \uc870\uc815\uc744 \ubc1b\uc558\ub2e4. \ud2b9\ud788 \uc2e0\ud765\uad6d\uacfc \ubbf8\uad6d \uc678 \uc2dc\uc7a5\uc774 \ub354 \ud070 \ud0c0\uaca9\uc744 \ubc1b\uc558\ub2e4. 3\uc6d4 S&amp;P500\uc740 5.1% \ud558\ub77d\ud588\uace0, \uc120\uc9c4\uad6d(\ubbf8\uad6d \uc81c\uc678)\uc740 10.7%, \uc2e0\ud765\uad6d\uc740 13.3% \ud558\ub77d\ud588\ub2e4. \ub2e4\ub9cc \uc5f0\ucd08 \ub300\ube44\ub85c\ub294 \uc5ec\uc804\ud788 \uc2e0\ud765\uad6d\uacfc \uc120\uc9c4\uad6d(\ubbf8\uad6d \uc81c\uc678)\uc774 \uac01\uac01 -0.5%, -1.9%\ub85c S&amp;P500(-4.6%)\ubcf4\ub2e4 \uc591\ud638\ud55c \ud750\ub984\uc744 \uc720\uc9c0\ud558\uace0 \uc788\ub2e4. \uad6d\ub0b4 \uc2dc\uc7a53\uc6d4 \uc911\uc21c INDEC (\uad6d\uac00\ud1b5\uacc4\uccad)\uc740 \uad6d\ubbfc\uacc4\uc815 \ubcf4\uace0\uc11c\ub97c \ubc1c\ud45c\ud588\uc73c\uba70, 2025\ub144 \uc2e4\uc9c8 GDP\uac00 4.4% \uc131\uc7a5\ud55c \uac83\uc73c\ub85c \ub098\ud0c0\ub0ac\ub2e4. \uc774\ub294 2024\ub144\uc758 3.6% \ud1b5\uacc4\uc801 \uc774\uc6d4 \ud6a8\uacfc\uc5d0 \ud06c\uac8c \uc601\ud5a5\uc744 \ubc1b\uc558\ub2e4. \uad6c\uc131 \uc694\uc18c\ubcc4\ub85c\ub294 \ud22c\uc790(+16.4%), \ubbfc\uac04\uc18c\ube44(+7.9%), \uc218\ucd9c(+7.6%)\uc774 \ub450\ub4dc\ub7ec\uc84c\ub2e4. \ubc18\uba74 \uc218\uc785(+27.0%)\uc758 \uae09\uc99d\uc740 GDP\uc5d0 \ubd80\uc815\uc801 \uc601\ud5a5\uc744 \ubbf8\ucce4\ub2e4.\ud65c\ub3d9 \uce21\uba74\uc5d0\uc11c\ub294 1\uc6d4 EMAE (\uc2dc\uc7a5\uae30\ub300\uc9c0\uc218)\uac00 \uc804\uc6d4 \ub300\ube44 0.4% \uc99d\uac00\ud588\ub2e4. \uacc4\uc808\uc870\uc815 \uae30\uc900\uc73c\ub85c 2004\ub144 \uc774\ud6c4 \ucd5c\uace0 \uc218\uc900\uc5d0 \ub3c4\ub2ec\ud588\ub2e4. \ub2e4\ub9cc \uc131\uc7a5\uc138\ub294 \ub18d\uc5c5, \uad11\uc5c5, \uae08\uc735 \uc911\uac1c \ub4f1 \ud2b9\uc815 \ubd80\ubb38\uc5d0 \uc9d1\uc911\ub418\uc5b4 \uc788\uc73c\uba70, \ub178\ub3d9\uc9d1\uc57d \uc0b0\uc5c5\uc5d0\uc11c\ub294 \uc5f0\uac04 \uae30\uc900 \uac10\uc18c\uac00 \ub098\ud0c0\ub098\uace0 \uc788\ub2e4. \uc81c\uc870\uc5c5(-2.6%), \uac74\uc124\uc5c5(-3.2%) \ub4f1\uc774 \ud574\ub2f9\ub41c\ub2e4. \uc774\uc5d0 \ub530\ub77c 2025\ub144 4\ubd84\uae30 \uc2e4\uc5c5\ub960\uc740 7.5%\ub85c \uc804\ub144 \ub300\ube44 1.1%p \uc0c1\uc2b9\ud588\ub2e4.\ud55c\ud3b8, \ub300\ucd9c\uc740 \uc804 \ubd80\ubb38\uc5d0\uc11c \uc218\uac1c\uc6d4\uc9f8 \ub454\ud654\ub418\uace0 \uc788\ub2e4. \ubbfc\uac04 \uae08\uc735\uae30\uad00\uc758 \uc5f0\uccb4\uc728\uc740 1\uc6d4 \uae30\uc900 6.4%\ub85c \uc0c1\uc2b9\ud588\ub2e4. \ud2b9\ud788 \uac1c\uc778 \ub300\ucd9c(13.2%)\uacfc \uc2e0\uc6a9\uce74\ub4dc(10.1%)\uc5d0\uc11c \ub192\uc740 \ubd80\uc2e4\ub960\uc774 \ub098\ud0c0\ub0ac\ub2e4.\uc774\ub7ec\ud55c \uc2e0\uc6a9 \ub454\ud654\ub97c \uc644\ud654\ud558\uae30 \uc704\ud574 \uc911\uc559\uc740\ud589(BCRA)\uc740 \uc9c0\uae09\uc900\ube44\uc728 \uaddc\uc81c\ub97c \uc644\ud654\ud588\ub2e4. \uc694\uad6c\ubd88 \uc608\uae08\uc5d0 \ub300\ud55c \uc694\uad6c \ube44\uc728\uc740 50%\uc5d0\uc11c 45%\ub85c \ub0ae\uc544\uc84c\uc73c\uba70, \uc774 \uc911 13.5%p\ub294 \uad6d\ucc44\ub85c \ucda9\ub2f9 \uac00\ub2a5\ud558\ub2e4. \uc774 \uc870\uce58\ub294 \uae08\uc735 \uc2dc\uc2a4\ud15c \uc720\ub3d9\uc131\uc744 \uc99d\uac00\uc2dc\ud0a4\uace0 \uc790\uae08 \uc870\ub2ec \ube44\uc6a9\uc744 \ub0ae\ucd94\ub294 \ud6a8\uacfc\uac00 \uae30\ub300\ub41c\ub2e4. 3\uc6d4\uc5d0\ub294 \ub2ec\ub7ec \uad6d\ucc44 \uc218\uc775\ub960\uc774 A028 \ubc1c\ud589\uacfc \ud568\uaed8 \uc911\uc694\ud55c \uc2dc\uc7a5 \ud14c\uc2a4\ud2b8\ub97c \uacaa\uc5c8\ub2e4. \uc774 \ucc44\uad8c\uc740 8.8%\uc758 \uc218\uc775\ub960\ub85c \ubc1c\ud589\ub418\uc5c8\uc73c\uba70 A027 \ub300\ube44 \uc0c1\ub2f9\ud55c \uc704\ud5d8 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ubc18\uc601\ud588\ub2e4. \uad6c\uc870\ub294 \uc720\uc0ac\ud558\uc9c0\ub9cc \ud604 \uc815\ubd80 \uc784\uae30 \ub0b4 \ub9c8\uc9c0\ub9c9 \ucc44\uad8c\uc774\uba70 \uc57d 5.0% \uc218\uc775\uc744 \uc81c\uacf5\ud55c\ub2e4. \ud22c\uc790 \uc218\uc694\ub294 \ube44\uad50\uc801 \uc81c\ud55c\uc801\uc774\uc5c8\uc73c\uba70, \ucd1d \ubc1c\ud589 \ud55c\ub3c4 2\uc5b55\ucc9c\ub9cc \ub2ec\ub7ec \uc911 1\uc5b58,600\ub9cc \ub2ec\ub7ec\ub9cc \ubc30\uc815\ub418\uc5c8\ub2e4. \uc774\ub294 \uc2dc\uc7a5\uc774 2027\ub144 \uc774\ud6c4 \uc815\uce58\u00b7\uacbd\uc81c\uc801 \ubd88\ud655\uc2e4\uc131\uc744 \ubc18\uc601\ud558\uace0 \uc788\uc74c\uc744 \uc2dc\uc0ac\ud55c\ub2e4.\ub610\ud55c \ub2ec\ub7ec \uc790\uae08 \uc870\ub2ec \ud655\ubcf4\uc758 \uc5b4\ub824\uc6c0\uacfc \ud568\uaed8 \uc815\ubd80\ub294 \uc778\ud50c\ub808\uc774\uc158 \ud558\ub77d \uacfc\uc815\uc5d0\uc11c\ub3c4 \uc5b4\ub824\uc6c0\uc744 \uacaa\uace0 \uc788\ub2e4. \uc778\ud50c\ub808\uc774\uc158\uc740 9\uac1c\uc6d4 \uc5f0\uc18d \ub454\ud654\ub418\uc9c0 \uc54a\uace0 \uc788\uc73c\uba70, 3\uc6d4 \uc218\uce58\ub294 2\uc6d4\uc744 \uc0c1\ud68c\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4. \uc911\ub3d9 \uac08\ub4f1\uc774 \uc5f0\ub8cc \uac00\uaca9\uc5d0 \ubbf8\uce58\ub294 \uc601\ud5a5\uacfc \ud559\uae30 \uc2dc\uc791\uc5d0 \ub530\ub978 \uacc4\uc808\uc801 \uc694\uc778\uc73c\ub85c \uc778\ud574 3\uc6d4 \uc778\ud50c\ub808\uc774\uc158\uc740 3%\ub97c \ucd08\uacfc\ud560 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4. \ud56d\ubaa9\ubcc4\ub85c\ub294 \uc8fc\uac70, \uc804\uae30, \uac00\uc2a4, \uc218\ub3c4 \ubd80\ubb38\uc774 \uac00\uc7a5 \ud070 \uc0c1\uc2b9\uc744 \ubcf4\uc600\uc73c\uba70 \uc5f0\uac04 44.1% \uc99d\uac00\ud588\ub2e4.\uc8fc\uc2dd \uc2dc\uc7a5 \uce21\uba74\uc5d0\uc11c\ub294 \uae00\ub85c\ubc8c \uc2dc\uc7a5\uacfc \ub2ec\ub9ac \uba54\ub974\ubc1c \uc9c0\uc218\uac00 3\uc6d4\uc5d0 12.3% \uc0c1\uc2b9\ud588\ub2e4. \uc774\ub294 2\uc6d4 -15.5% \ud558\ub77d \uc774\ud6c4\uc758 \ubc18\ub4f1\uc774\ub2e4. \ucd5c\uadfc \uc8fc\uc2dd \uc0c1\uc2b9\uc740 \uc5d0\ub108\uc9c0 \uc139\ud130\uac00 \uc8fc\ub3c4\ud588\uc73c\uba70, \ub192\uc740 \uc720\uac00\uc758 \uc218\ud61c\ub97c \ubc1b\uc558\ub2e4. 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